Solaria Increased Annual Profits In 9M/2020 By 79%

Solaria Energia Grew 9M/2020 Net Profits By 79% & EBITDA By 61% YoY; Management Sees Spanish Renewable Auctions As Furthering Its Growth Plans
11:25 PM (Beijing Time) - 17. November 2020

Solaria Energia’s 9M/2020 results show the Spanish solar developer is well positioned to achieve its growth objectives. Management is pinning hopes on securing necessary approvals for 626 MW Trillo Solar Project. (Source: Solaria Energia y Medio Ambiente)

Key Takeaways

  • Solaria Energia’s total revenues during 9M/2020 increased 60% to €48.5 million while net profits grew up by 79% on annual basis
  • Company continued to aim for an installed capacity of 2.15 GW by the end of 2021
  • It expects Spain’s proposed renewable energy auctions to help it achieve its objective of reaching 6.2 GW goal by 2025

Spanish solar project developer Solaria Energia y Medio Ambiente is excited about the prospects of solar power in Spain after the country approved a Royal Decree clearing the way for it to hold renewable energy auctions. The Ministry for the Ecological Transition and the Demographic Challenge (MITECO) recently published a draft of auction roadmap intending to auction 10 GW PV capacity by 2025 (see Spain Plans To Tender 10 GW PV By 2025).

Sharing its financial results for the period 9M/2020, Solaria said on annual basis it increased its total revenues by 60% to €48.5 million ($57.6 million), and EBITDA by 61% to €37.6 million ($45 million). Its net profits grew 79% to €25.13 million ($30 million). During this period, it signed several new power purchase agreements (PPA) and managed financing for new projects.

Management said till the end of September 2020, Solaria’s total capacity in operation and under construction was 800 MW. By the end of Q1/2021, it continues to aim for 1.375 GW installed capacity, scaling it up to 2.15 GW by the end of 2021. This guidance factors in expected approvals for 626 MW Trillo Solar Project in Q1/2021 (see Solaria To Expand 450 MW PV Complex To 626 MW).

“It is remarkable that in a difficult environment, we have been able to continue growing and publish historic results. More than ever, we are confident that we can become the independent leader in Iberia with 6,200 MW in 2025,” said Solaria President Enrique Díaz-Tejeiro.

Going forward, the management said it is hopeful of a substantial improvement in market conditions in a post-COVID-19 environment as there should be higher demand for electricity leading to better prices and greater speed in obtaining permits.

Anu Bhambhani

Anu Bhambhani is the Senior News Editor of TaiyangNews

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Anu Bhambhani